Atwood Announces New Contract for ATWOOD FALCON
September 16 2008 - 1:48PM
PR Newswire (US)
HOUSTON, Sept. 16 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.
(NYSE:ATW), announced today that the ATWOOD FALCON has been awarded
a two-year contract from an operator in the South China Sea. This
drilling program will commence immediately after the completion of
its current drilling program which is expected to be August 2009.
This contract provides for an operating dayrate of $425,000 subject
to adjustment for cost escalations. The ATWOOD SOUTHERN CROSS is
currently being mobilized to West Africa. The operator has now
completed its contract approval process. The rig should arrive in
West Africa at the end of September 2008 and will immediately
commence its 60 to 90 days drilling program at an operating dayrate
of $352,000. Additional contract opportunities following the
completion of this one-well program are currently being pursued.
The RICHMOND (the Company's only rig in the Gulf of Mexico)
continues to prove its durability during hurricane season. The rig
was in the path of Hurricane Ike; however, remained on location
with no damage reported. Personnel are back on the rig and are
preparing to recommence drilling operations, with no zero rate
downtime. Statements contained in this report with respect to the
future are forward-looking statements. These statements reflect
management's reasonable judgment with respect to future events.
Forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those anticipated as a result
of various factors including; the Company's dependence on the oil
and gas industry; the risks involved the construction of a rig;
competition; operating risks; risks involved in foreign operations;
risks associated with possible disruption in operations due to
terrorism; risks associated with a possible disruption in
operations due to a war with Iraq; and governmental regulations and
environmental matters. A list of additional risk factors can be
found in the Company's annual report on Form 10-K for the year
ended September 30, 2007, filed with the Securities and Exchange
Commission. DATASOURCE: Atwood Oceanics, Inc. CONTACT: Jim Holland
of Atwood Oceanics, Inc., +1-281-749-7804 Web site:
http://www.atwd.com/
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